Today, we’re going to take a longer term view of the Tampa – Hillsborough County Real Estate Market to discover how this year (January to September) looks compared to the same period in 2015.

As you’ll see in the the table below, SOLD DOLLAR VOLUME (up 15.12%) and SOLD PRICE (Average and Median) rose by double digits (11.58% and 14.23% respectively) compared to the same time frame in 2015. SOLD DOLLAR VOLUME jumped $603,265,109 in total dollars. AVERAGE SOLD PRICE climbed $25,296, while MEDIAN SOLD PRICE improved $24,900. AVERAGE LIST PRICE FOR SOLDS also increased double-digits or 11.14% compared to the same stretch in 2015.

UNITS SOLD from January through September of this year increased 3.17% from 18,271 units to 18,850 units, a rise of 579 homes. So far in 2016, homes have sold faster, on average, than they did in 2015, as the AVERAGE DAYS ON THE MARKET dropped 16.18% — from 68 days to 57 days.

You can review the table below to get more detail on how Hillsborough County homes sold by price band and type of home. And as always, if you want a more specific breakdown of real estate in your area, call me at 813-431-2840.

Buyers

As you can see from the data, the Tampa real estate market continues to outpace last year’s housing market, as rates stay low and buyers are back in the market. Higher prices and more competition for homes means that now, more than ever, you need SEASONED, REAL ESTATE EXPERTS that understand the twists and turns of the Tampa housing market. We can keep you aware of HOT NEW LISTINGS and PRICE REDUCTIONS so you can act quickly. We can also help you negotiate, which is extremely important in this type of market. Our experience and unparalleled client service is guaranteed to keep you happy throughout the buying process.

Sellers

This has been a good year so far and the momentum should continue through the end of the year, so if you plan to list your home anytime soon, now is the time to start the process. The environment is ripe, as low inventory, low mortgage rates and rising selling prices combine to provide sellers a huge opportunity. Call us now to find out how much your home is worth or to get started.

Tampa:

According to the RealtyTrac survey, one in four single-family homes in the Tampa Bay area and nationwide is not occupied by the owner. Next to Hernando, Pasco had the highest average rental yield on investor-owned houses at 12 percent. Investors in both Pinellas and Hillsborough averaged yields of about 9 percent.

Reports out of Hollywood this morning are confirming that a portion of the next Star Wars movie will be filmed near Tampa, Florida. The undisclosed location near Tampa will represent a previously unknown planet in the Star Wars universe.

Buyers and Sellers

Advice for Buyers:

Speaking before a packed house gathered Wednesday on the 7th floor of the Newseum in Washington, D.C., CoreLogic’s chief economist, Frank Nothaft, told the crowd of housing insiders that anyone waiting for any dramatic shifts in housing, interest rates, or otherwise is likely to be left waiting.

Nothaft, speaking at the “Data, Demand, and Demographics: A Symposium on Housing Finance” presented by the Urban Institute and CoreLogic, told the crowd that housing is entering a new normal.

And that new normal means interest rates will be staying low, well below 5% for the next several years, amid shifting demographics bringing new homebuyers to the market.

“I think mortgage rates are going to be with us for a long period of time,” Nothaft said. “The expectation in capital markets is no rate change from the Federal Open Markets Committee today. We may see an increase in federal funds rate in December.”

Advice for Sellers

No matter how many fond memories you’ve accumulated in your home, there may come a time when you start wondering: Should I sell my place? Maybe it’s because your local real estate market is booming and you stand to score a sweet payout. Maybe you’re relocating. Or your expanding family has outgrown your space. Or you’re just looking for a change of scenery. But questioning is easy; deciding to put your house on the market is tough.

Mortgage Rates

A jump last week in the PCE — the price index tracked most closely by the Fed — raised the prospect that inflation might not be completely dead after all. Investors reacted by driving the yield on the 10-year Treasury to its highest point since June. The 30-year mortgage rate jumped 7 basis points to 3.54 percent, the largest 1-week increase in over six months.

30-year fixed-rate mortgage (FRM) averaged 3.54 percent with an average 0.5 point for the week ending November 3, 2016, up from last week when it averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.

15-year FRM this week averaged 2.84 percent with an average 0.5 point, up from last week when they averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.

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About our blog

Ranked #1 Realtor in Tampa by U.S. News and World Report.

Doug, Annette & Dale Bohannon

Team Bohannon Real Estate Experts

Keller Williams Tampa Properties
Tampa, Florida

(813) 979-4963

If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963